STOCK PRICE, DIVIDEND AND RELATED INFORMATION
---------------------------------------------

    Chris-Craft common stock is traded on the New York Stock Exchange
and the Pacific Exchange.  The high and low sales prices reported in
the consolidated transaction reporting system are shown below for the
periods indicated.  Since Chris-Craft Class B common stock is
ordinarily nontransferable, there is no trading market for such class.

                            1998                1997
                      High       Low      High       Low
                      --------------------------------------
First Quarter         59 3/8     49 1/8   44 3/4     39 3/8
Second Quarter        60 3/8     51 1/4   50         38 3/4     
Third Quarter         56 15/16   41 1/4   52 15/16   47 3/4
Fourth Quarter        49         39 7/8   55         48 1/16

    Chris-Craft paid 3% stock dividends on its common stock in April
1998 and April 1997.  Chris-Craft has declared a 3% stock dividend
payable in April 1999.  The Board of Directors plans to continue to
consider, on an annual basis, the payment of dividends in common
stock.  As of February 26, 1999, there were 2,511 holders of record of
common stock and 1,578 holders of record of Class B common stock.

REPORT OF INDEPENDENT ACCOUNTANTS

PricewaterhouseCoopers LLP                 February 10, 1999
1301 Avenue of the Americas
New York, New York 10019

To the Board of Directors and
Shareholders of Chris-Craft Industries, Inc.

    In our opinion, the accompanying consolidated balance sheets and
the related consolidated statements of income, shareholders'
investment and cash flows present fairly, in all material respects,
the financial position of Chris-Craft Industries, Inc. and its
subsidiaries at December 31, 1998 and 1997, and the results of their
operations and their cash flows for each of the three years in the
period ended December 31, 1998, in conformity with generally accepted
accounting principles.  These financial statements are the
responsibility of the Company's management; our responsibility is to
express an opinion on these financial statements based on our audits. 
We conducted our audits of these statements in accordance with
generally accepted auditing standards which require that we plan and
perform the audit to obtain reasonable assurance about whether the
financial statements are free of material misstatement.  An audit
includes examining, on a test basis, evidence supporting the amounts
and disclosures in the financial statements, assessing the accounting
principles used and significant estimates made by management, and
evaluating the overall financial statement presentation.  We believe
that our audits provide a reasonable basis for the opinion expressed
above.

/s/ PricewaterhouseCoopers LLP

CONSOLIDATED STATEMENTS OF CASH FLOWS
----------------------------------------------------------------------
                                                 Year ended December 31,
(In thousands of dollars)                    1998         1997         1996
----------------------------------------------------------------------------
Cash Flows from Operating Activities:     
Net income                               $   29,470   $   93,501   $      812
Adjustments to reconcile net income
  to net cash provided from operating
  activities:
    Film contract amortization               88,507       95,244       95,291
    Film contract payments                 (100,824)     (99,513)     (90,802)
    Prepaid broadcast rights                   -          21,114        5,252
    Depreciation and other 
     amortization                            22,088       19,568       19,787
    Equity in United Paramount
     Network loss                            88,597       87,430      146,313
    Gain on change of ownership in
     United Paramount Network                  -        (153,933)        -
    Minority interest                        24,440       49,483       18,522
    Other                                    (2,830)       4,965       (1,488)
    Changes in assets and liabilities: 
        Accounts receivable                   1,090        1,463        2,158
        Other assets                          7,271       (7,816)        (259)
        Accounts payable and other
         liabilities                          1,198       14,921        3,891
        Income taxes                          8,900       21,004       (6,355)
-----------------------------------------------------------------------------
          Net cash provided from
            operating activities            167,907      147,431      193,122
-----------------------------------------------------------------------------
Cash Flows from Investing Activities:
Disposition of marketable securities        414,133    1,002,103    1,089,124
Purchase of marketable securities          (391,963)    (948,862)    (899,924)
Station acquisition (includes
  $77,646 of intangible assets)             (80,214)        -            -
Distribution from United Paramount
  Network                                      -         116,261         -
Investment in United Paramount
  Network                                   (88,100)     (48,185)    (145,580)
Other investments                           (22,153)      (4,631)     (40,423)
Capital expenditures, net                   (12,260)      (7,788)     (10,472)
Other                                        (1,852)      (4,042)      (1,585)
-----------------------------------------------------------------------------
          Net cash (used in) provided
            from investing activities      (182,409)     104,856       (8,860)
-----------------------------------------------------------------------------
Cash Flows from Financing Activities:
Capital transactions of subsidiaries        (56,408)    (101,756)     (93,437)
Purchase of treasury stock                  (20,171)     (22,449)     (17,897)
Proceeds from exercise of 
  employee stock options                      5,783       14,664        1,359
Dividends on preferred stock                   (414)        (420)        (444)
-----------------------------------------------------------------------------
          Net cash used in 
            financing activities            (71,210)    (109,961)    (110,419)
-----------------------------------------------------------------------------
Net (Decrease) Increase in Cash 
  and Cash Equivalents                      (85,712)     142,326       73,843
Cash and Cash Equivalents at
  Beginning of Year                         290,009      147,683       73,840
-----------------------------------------------------------------------------
Cash and Cash Equivalents at 
  End of Year                            $  204,297   $  290,009   $  147,683
=============================================================================
The accompanying notes to consolidated financial statements are an integral
part of these statements.

CONSOLIDATED STATEMENTS OF INCOME
------------------------------------------------------------------------
                                            Year ended December 31,
(In thousands except per share data)      1998        1997        1996
------------------------------------------------------------------------
Operating Revenues:      
Television revenues                    $ 445,850   $ 443,499   $ 446,292
Sales of manufactured products            21,243      21,147      19,403 
------------------------------------------------------------------------
                                         467,093     464,646     465,695
------------------------------------------------------------------------
Operating Expenses:
Television expenses                      210,947     212,183     217,928 
Cost of manufactured products sold        13,754      14,336      13,472
Selling, general and administrative      147,722     142,602     131,027 
------------------------------------------------------------------------
                                         372,423     369,121     362,427
------------------------------------------------------------------------
  Operating income                        94,670      95,525     103,268
------------------------------------------------------------------------

Other Income (Expense):
Interest and other income, net            80,337      80,556      81,879
Equity in United Paramount
  Network loss                           (88,597)    (87,430)   (146,313)
Gain on change of ownership in
  United Paramount Network                  -        153,933        -
------------------------------------------------------------------------
                                          (8,260)    147,059     (64,434)
------------------------------------------------------------------------
  Income before provision for 
    income taxes and minority
    interest                              86,410     242,584      38,834

Provision for Income Taxes                32,500      99,600      19,500
------------------------------------------------------------------------
  Income before minority interest         53,910     142,984      19,334

Minority Interest                         24,440      49,483      18,522
------------------------------------------------------------------------
  Net income                           $  29,470   $  93,501   $     812
========================================================================
Weighted Average Common 
  Shares Outstanding                      33,539      33,429      32,949
========================================================================
Earnings per Share:
  Basic                                $     .87   $    2.78   $     .01
========================================================================
  Diluted                              $     .69   $    2.20   $     .01
========================================================================

The accompanying notes to consolidated financial statements are an integral
part of these statements.

CONSOLIDATED BALANCE SHEETS
-------------------------------------------------------------------------
                                                        December 31,
(In thousands of dollars)                           1998           1997
-------------------------------------------------------------------------
Assets

Current Assets:
  Cash and cash equivalents                    $   204,297    $   290,009
  Marketable securities (substantially
    all U.S. Government securities)              1,211,246      1,211,920
  Accounts receivable, less allowance 
    for doubtful accounts of $4,956
    and $5,736                                      88,382         89,472
  Film contract rights                              99,883         95,859
  Prepaid expenses and other current assets         52,933         62,254
-------------------------------------------------------------------------
        Total current assets                     1,656,741      1,749,514
-------------------------------------------------------------------------

Investments                                         69,881         50,130
-------------------------------------------------------------------------

Film Contract Rights, including deposits, less
 estimated portion to be used within one year       23,619         26,118
-------------------------------------------------------------------------

Property and Equipment, at cost:
  Land, buildings and improvements                  44,305         43,207
  Machinery and equipment                          115,314        106,209
-------------------------------------------------------------------------
                                                   159,619        149,416
  Less   Accumulated depreciation                  108,040        102,014
-------------------------------------------------------------------------
                                                    51,579         47,402
-------------------------------------------------------------------------

Intangible Assets                                  428,254        339,792

Other Assets                                        15,349         13,473
-------------------------------------------------------------------------
                                               $ 2,245,423    $ 2,226,429
=========================================================================

                                                        December 31,
(In thousands of dollars)                          1998           1997
-------------------------------------------------------------------------
Liabilities and Shareholders' Investment

Current Liabilities:
  Film contracts payable within one year      $    96,595    $    98,033
  Accounts payable and accrued expenses           130,515        131,869
  Income taxes payable                             41,653         33,056
------------------------------------------------------------------------
           Total current liabilities              268,763        262,958
------------------------------------------------------------------------
Film Contracts Payable after One Year              62,050         70,934
------------------------------------------------------------------------
Other Long-Term Liabilities                        26,321         25,089
------------------------------------------------------------------------
Minority Interest                                 479,820        484,268
------------------------------------------------------------------------

Commitments and Contingencies (Note 9)

Shareholders' Investment:
  Cumulative preferred stock -
    Prior preferred stock - $1.00 dividend; 
     stated at liquidating value of $21.50
     per share; currently authorized 73,399
     shares; outstanding 73,399 shares              1,578          1,578
    Convertible preferred stock - $1.40
     dividend; stated at $17.50 per share;
     currently authorized 235,935 shares;
     outstanding 235,935 and 246,601 shares
     (liquidating value $23.00 per share,
     aggregating $5,427)                            4,129          4,315
  Class B common stock par value $.50 per
    share; currently authorized 50,000,000
    shares; outstanding 8,127,937 and
    7,930,384 shares                                4,064          3,965
  Common stock - par value $.50 per share; 
    currently authorized 100,000,000 shares;
    outstanding 24,556,196 and 23,652,015
    shares                                         13,069         12,617
  Capital surplus                                 376,375        343,956
  Retained earnings                               993,184      1,010,384
  Accumulated other comprehensive income           16,070          6,365
------------------------------------------------------------------------
                                                1,408,469      1,383,180
------------------------------------------------------------------------
                                              $ 2,245,423    $ 2,226,429
========================================================================
The accompanying notes to consolidated financial statements are an integral
part of these statements.

CONSOLIDATED STATEMENTS OF SHAREHOLDERS' INVESTMENT

<TABLE>
<CAPTION>

                                                                            Treasury
                                           Outstanding Shares                Shares
                                -----------------------------------------  ---------
                                                                                       
                                                                                       
                                           Class B   $1.00       $1.40               
                                Common     Common    Preferred   Preferred   Common
------------------------------------------------------------------------------------
<S>                           <C>          <C>         <C>        <C>        <C>
Balance at December 31, 1995  21,478,079   7,652,273   73,399    275,758        - 
Comprehensive income:
   Net income                       -           -        -          -           -        
                                                                                       
   Other comprehensive loss:
    Unrealized net loss on
     securities (net of tax
     of $2,895)                   -             -        -          -           -        
    Reclassification 
     adjustment (net of tax
     of $1,504)                   -             -        -          -           -        
                                                                                       
    Other comprehensive loss,
     net of tax                   -             -        -          -           -        
                                                                                       
Total comprehensive loss          -             -        -          -           -        
                                                                                       
Capital transactions of 
 subsidiaries                     -             -        -          -           -        
Dividends on preferred stock      -             -        -          -           -        
Common stock dividend - 3%       645,915     227,205     -          -           -        
Conversion of preferred stock    306,970     412,734     -       (22,563)       -        
Conversion of Class B 
  common stock                   421,405    (421,405)    -          -           -        
Stock options, including
  related tax benefits            53,940        -        -          -           -        
Acquisition of treasury stock       -           -        -          -       (433,900)    
Retirement of treasury stock    (433,900)       -        -          -        433,900     
------------------------------------------------------------------------------------
Balance at 
December 31, 1996             22,472,409   7,870,807   73,399    253,195        -     
Comprehensive income:
   Net income                       -           -        -          -           -     
                                                                                       
   Other comprehensive income:
    Unrealized net gain on
     securities (net of tax 
     of $4,668)                     -           -        -          -           -     
    Reclassification
     adjustment (net of tax
     of $397)                       -           -        -          -           -     
    Other comprehensive income,
     net of tax                     -           -        -          -           -     
Total comprehensive income          -           -        -          -           -     
Capital transactions of
 subsidiaries                       -           -        -          -           -     
Dividends on preferred stock        -           -        -          -           -     
Common stock dividend - 3%       676,458     238,283     -          -           -     
Conversion of preferred stock    103,482     108,335     -        (6,594)       -     
Conversion of Class B
  common stock                   287,041    (287,041)    -          -           -     
Stock options, including
  related tax benefits           599,125        -        -          -           -     
Acquisition of treasury stock       -           -        -          -       (486,500) 
Retirement of treasury stock    (486,500)       -        -          -        486,500  
------------------------------------------------------------------------------------
Balance at
December 31, 1997             23,652,015   7,930,384   73,399    246,601        -
Comprehensive income:
  Net income                        -           -        -          -           -
  Other comprehensive income:
   Unrealized net gain on
    securities (net of tax
    of $8,954)                      -           -        -          -           -
   Reclassification
    adjustment (net of tax
    of $1,887)                      -           -        -          -           -
   Other comprehensive
    income, net of tax              -           -        -          -           -
Total comprehensive income          -           -        -          -           -
Capital transactions of
  subsidiaries                      -           -        -          -           -
Dividends on preferred stock        -           -        -          -           -
Common stock dividend - 3%       708,435     237,302     -          -           -
Conversion of preferred stock    151,109     209,566     -       (10,666)       -
Conversion of Class B
 common stock                    249,315    (249,315)    -          -           -
Stock options, including
 related tax benefits            190,722        -        -          -           -
Acquisition of treasury stock       -           -        -          -       (395,400)  
Retirement of treasury stock    (395,400)       -        -          -        395,400   
------------------------------------------------------------------------------------
Balance at
December 31, 1998             24,556,196   8,127,937   73,399    235,935        -    
====================================================================================
</TABLE>
<TABLE>
<CAPTION>
                                                           Dollar Amount (In thousands)
                                   --------------------------------------------------------------------------------
                                                                                              Accumulated   Compre-
                                                                                                 Other      hensive
                                   Common    Preferred    Capital      Retained     Treasury  Comprehensive  Income
                                   Stocks     Stocks      Surplus      Earnings     Stock        Income      (Loss)
--------------------------------------------------------------------------------------------------------------------
<S>                                <C>         <C>        <C>          <C>          <C>       <C>          <C>
Balance at December 31, 1995       $15,356     $6,404     $301,351     $989,181     $  -       $ 6,728
Comprehensive loss:
  Net Income                          -          -            -             812        -          -         $   812
                                                                                                            --------
  Other comprehensive loss:
   Unrealized net loss on
    securities (net of tax
    of $2,895)                        -          -            -            -           -          -          (3,234)
   Reclassification adjustment
    (net of tax of $1,504)            -          -            -            -           -          -          (2,218)
                                                                                                            --------
   Other comprehensive loss,
    net of tax                        -          -            -            -           -        (5,452)      (5,452)
                                                                                                            --------
Total comprehensive loss              -          -            -            -           -          -         $(4,640)
                                                                                                            ========

Capital transactions of 
 subsidiaries                         -          -          (8,840)        -           -          -
Dividends on preferred stock          -          -            -            (444)       -          -
Common stock dividend-3%               436       -          35,065      (35,501)       -          -
Conversion of preferred stock          360       (395)          34         -           -          -
Conversion of Class B
 common stock                         -          -            -            -           -          -
Stock options, including
 related tax benefits                   27       -           1,602         -           -          -
Acquisition of treasury stock         -          -            -            -        (17,806)      -
Retirement of treasury stock          (217)      -         (17,589)        -         17,806       -
-----------------------------------------------------------------------------------------------------------
Balance at December 31, 1996        15,962      6,009      311,623      954,048                  1,276
Comprehensive income:
 Net income                           -          -            -          93,501        -          -         $93,501
                                                                                                            --------
 Other comprehensive income:
  Unrealized net gain on
   securities (net of tax
   of $4,668)                         -          -            -            -           -          -           5,537
  Reclassification adjustment
   (net of tax of $397)               -          -            -            -           -          -            (448)
                                                                                                            --------
  Other comprehensive income,
   net of tax                         -          -            -            -           -         5,089        5,089
                                                                                                            --------
Total comprehensive income            -          -            -            -           -          -         $98,590
                                                                                                            ========
Capital transactions of 
 subsidiaries                         -          -             714         -           -          -
Dividends on preferred stock          -          -            -            (420)       -          -
Common stock dividend-3%               457       -          36,288      (36,745)       -          -
Conversion of preferred stock          106       (116)           8         -           -          -
Conversion of Class B 
 common stock                         -          -            -            -           -          -
Stock options, including
 related tax benefits                  300       -          17,976         -           -          -
Acquisition of treasury stock         -          -            -            -        (22,896)      -
Retirement of treasury stock          (243)      -         (22,653)        -         22,896       -
-----------------------------------------------------------------------------------------------------------
Balance at December 31, 1997        16,582      5,893      343,956    1,010,384        -         6,365
Comprehensive income:
 Net income                           -          -            -          29,470        -          -         $29,470
                                                                                                            --------
 Other comprehensive income:       
  Unrealized net gain on 
   securities (net of tax
   of $8,954)                         -          -            -            -           -          -          12,199   
Reclassification adjustment
   (net of tax of $1,887)             -          -            -            -           -          -          (2,494)
                                                                                                            --------
  Other comprehensive income,
    net of tax                        -          -            -            -           -         9,705        9,705
                                                                                                            --------
Total comprehensive income            -          -            -            -           -          -         $39,175
                                                                                                            ========
Capital transactions of 
  subsidiaries                        -          -            (924)        -           -          -
Dividends on preferred stock          -          -            -            (414)       -          -
Common stock dividend-3%               473       -          45,783      (46,256)       -          -
Conversion of preferred stock          180       (186)           6         -           -          -
Conversion of Class B
 common stock                         -          -            -            -           -          -
Stock options, including
 related tax benefits                   96       -           6,877         -           -          -
Acquisition of treasury stock         -          -            -            -        (19,521)      -
Retirement of treasury stock          (198)      -         (19,323)        -         19,521       -
-----------------------------------------------------------------------------------------------------------
Balance at December 31, 1998       $17,133     $5,707     $376,375     $993,184     $  -       $16,070
===========================================================================================================
</TABLE>

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS        
-----------------------------------------------------------------
Note 1  

-----------------------------------------------------------------
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES:

(A) Business and Basis of Presentation 

     Chris-Craft's primary business is television broadcasting,
conducted through its majority owned (79.96% at December 31, 1998 and
78.6% at December 31, 1997) television broadcasting subsidiary, BHC
Communications, Inc.  BHC wholly owned subsidiaries operate three
television stations, and BHC's majority owned (58.5% at December 31,
1998 and December 31, 1997) subsidiary, United Television, Inc. (UTV),
operates six television stations, one of which was acquired in January
1998.

     BHC accounts for its interest in the partnership that operates
the United Paramount Network (UPN), a broadcast television network
which premiered in January 1995, under the equity method.  BHC
recorded 100% of UPN's start-up losses from the network's 1994
inception through January 15, 1997, when Viacom Inc. completed its
acquisition of a 50% interest in the partnership.  Thereafter, BHC has
recorded 50% of UPN's start-up losses.

     The accompanying consolidated financial statements include the
accounts of Chris-Craft and its subsidiaries, after elimination of all
significant intercompany accounts and transactions.  The pro rata
interests of BHC and UTV minority shareholders in the net income and
net assets of BHC and UTV are set forth as Minority Interest in the
Consolidated Statements of Income and Consolidated Balance Sheets,
respectively.  Chris-Craft adopted Statement of Financial Accounting
Standards (SFAS) 130, "Reporting Comprehensive Income," in 1998 and
has elected to present this information in the Consolidated Statements
of Shareholders' Investment.  Such amounts have been presented net of
income taxes and minority interests. Preparation of financial
statements in accordance with generally accepted accounting principles
requires the use of management estimates.  Certain prior year amounts
have been restated to conform with the 1998 presentation.

(B) Financial Instruments

     Cash and cash equivalents totalled $204,297,000 at December 31,
1998 and $290,009,000 at December 31, 1997.  Cash equivalents are
securities having maturities at time of purchase not exceeding three
months.  The fair value of cash equivalents approximates carrying
value, reflecting their short maturities.

     All of Chris-Craft's marketable securities have been categorized
as available for sale and are carried at fair market value.  Since
marketable securities are available for current operations, all are
included in current assets, as follows:

                                        Gross Unrealized
                               ----------------------------------
(In thousands)                                            Fair 
                      Cost        Gains      Losses       Value
-----------------------------------------------------------------
December 31, 1998:
  U.S. Government
     securities      $1,093,744   $    1,656   $     27   $1,095,373
  Other                  83,881       33,034      1,042      115,873
--------------------------------------------------------------------
                     $1,177,625   $   34,690   $  1,069   $1,211,246
====================================================================
December 31, 1997:
  U.S. Government
     securities      $1,097,346   $      619   $    182   $1,097,783
  Other                 100,794       17,008      3,665      114,137
--------------------------------------------------------------------
                     $1,198,140   $   17,627   $  3,847   $1,211,920
====================================================================

     Of the U.S. Government securities held at December 31, 1998, 98%
mature within one year and all within 15 months.

     Certain additional information related to Chris-Craft's
marketable securities as of and for the years ended December 31, 1998,
1997 and 1996 is as follows:

(In thousands)                1998          1997          1996
-----------------------------------------------------------------
Sales proceeds            $  414,133    $1,002,103    $1,089,124
Realized gains                 6,018         1,256         4,749
Realized losses                  702           177           466
Net unrealized gain           33,621        13,780         2,073
Adjustment for unrealized 
  gain, net of deferred
  income taxes and minority
  interests                $  16,070    $    6,365    $    1,276
=================================================================

     For purposes of computing realized gains and losses, cost was
determined using the specific identification method.

(C) Film Contracts 

     Chris-Craft's television stations own film contract rights which
allow generally for limited showings of films and syndicated programs.
Film contract rights and related liabilities are recorded when the
programming becomes available for telecasting.

     Contracts are amortized over the estimated number of showings,
using primarily accelerated methods as films are used, based on
management's estimates of the flow of revenue and the ultimate total
cost for each contract. In the opinion of management, future revenue
derived from airing programming will be sufficient to cover related
unamortized rights balances at December 31, 1998. The estimated costs
of recorded film contract rights to be charged to income within one
year are included in current assets; payments on such contracts due
within one year are included in current liabilities. The approximate
future maturities of film contracts payable after one year at December
31, 1998 are $39,064,000, $20,296,000, $1,735,000 and $955,000 in
2000, 2001, 2002 and thereafter, respectively. The net present value
at December 31, 1998 of such payments, based on a 7.75% discount rate,
was approximately $53,400,000. See Note 9.

(D) Depreciation and Amortization 

     Depreciation of property and equipment is generally provided on
the straight-line method over the estimated useful lives of the
assets, ranging from three to 40 years, except that leasehold
improvements are amortized over the lives of the respective leases, if
shorter.

(E) Intangible Assets

     Intangible assets reflect the excess of the purchase prices of
businesses acquired over net tangible assets at dates of acquisition. 
The carrying values of such intangibles as of December 31, 1998 and
1997 are as follows:

(In thousands)                1998         1997
-------------------------------------------------
Television Division         $427,480     $339,018
Industrial Division              774          774
-------------------------------------------------
                            $428,254     $339,792
=================================================

     Television Division amounts primarily relate to television
station WWOR, which was acquired in 1992, and television station WUTB,
the assets of which were acquired in 1998, and are being amortized on
a straight-line basis over 40-year periods.  Accumulated amortization
of intangible assets totalled $77,342,000 at December 31, 1998 and
$65,905,000 at December 31, 1997.  Intangible assets at December 31,
1998 include goodwill totalling $57,086,000 resulting from purchases
by BHC of its own shares at prices greater than net book value.

(F) Revenue Recognition and Barter Transactions

     Revenue is recognized upon broadcast of television advertising
and upon shipment of manufactured products.  The estimated fair value
of goods or services received by Chris-Craft's television stations in
barter (nonmonetary) transactions, most of which relate to the
acquisition of programming, is recognized as revenue when the air time
is used by the advertiser.  Barter revenue totalled $47,654,000 in
1998, $43,944,000 in 1997 and $40,853,000 in 1996.  Barter expense in
each year approximated barter revenue.

(G) Earnings per Share 

     In accordance with SFAS 128, "Earnings per Share," adopted by
Chris-Craft in 1997, per share amounts have been computed as follows:

                                        Year ended December 31,
(In thousands except per share data)    1998      1997     1996
-----------------------------------------------------------------
BASIC -
Net income                            $29,470   $93,501   $   812
Less: Preferred stock dividends          (410)     (420)     (436)
-----------------------------------------------------------------
  Income available to common 
    shareholders                      $29,060   $93,081   $   376
=================================================================
Weighted average common 
  shares outstanding                   33,539    33,429    32,949
=================================================================
    Basic per share amount            $   .87   $  2.78   $   .01
=================================================================

DILUTED -
Income available to common 
  shareholders                        $29,060   $93,081   $   376
Effect of dilutive securities -
  Convertible preferred 
     stock dividend                       337       347      -
  Dilution of UTV net income 
    from UTV stock options                (82)     (138)     (180)
    Income available 
      assuming dilution               $29,315   $93,290   $   196
=================================================================
Weighted average common   
  shares outstanding                   33,539    33,429    32,949
Effect of dilutive 
 securities -
  Convertible preferred
    stock dividend                      8,453     8,641      -
  Stock options                           303       354       197
-----------------------------------------------------------------
Weighted average shares  
   outstanding assuming 
   dilution                            42,295    42,424    33,146
=================================================================
   Diluted per share amount           $   .69   $  2.20   $   .01 
=================================================================


     Amounts give retroactive effect to all stock dividends declared
through February 10, 1999. All securities which could dilute per share
amounts are included in the computation of diluted earnings per share.

(H) Stock-Based Compensation 

     Chris-Craft has adopted SFAS 123, "Accounting for Stock-Based
Compensation."  This statement encourages but does not require the
recording of compensation cost for stock-based employee compensation
plans at fair value.  Chris-Craft has chosen to continue to account
for stock-based compensation using the intrinsic value method
prescribed in Accounting Principles Board Opinion No. 25, "Accounting
for Stock Issued to Employees." See Note 6.

(I) Supplemental Cash Flow Information and Disclosure of Noncash
Investing Activities

     Cash paid for income taxes totalled $30,600,000 in 1998,
$79,400,000 in 1997 and $28,800,000 in 1996.

     The 1997 distribution from UPN to BHC was net of approximately
$38,800,000, representing additional BHC capital contributions.

(J) Segment Information

     In 1998, Chris-Craft adopted SFAS 131, "Disclosures about
Segments of an Enterprise and Related Information." SFAS 131
supersedes SFAS 14, replacing the "industry segment" approach with the
"management" approach. The management approach designates the internal
organization that is used by management for making operating decisions
and assessing performance as the source of Chris-Craft's reportable
segments. The adoption of SFAS 131 did not affect results of
operations or financial position but did affect the disclosure of
segment information. See Note 10.

Note 2
----------------------------------------------------------------
UNITED PARAMOUNT NETWORK:

     In July 1994, BHC, along with Viacom Inc.'s Paramount Television
Group, formed the United Paramount Network, a broadcast television
network which premiered in January 1995.  BHC owned 100% of UPN from
its inception through January 15, 1997, when Viacom completed the
exercise of its option to acquire a 50% interest in UPN.  The option
price included approximately one-half of BHC's aggregate cash
contributions to UPN through the exercise date, plus interest, and
additional cash available for ongoing UPN expenditures.  UPN
distributed $116,261,000 to BHC pursuant to the option exercise, and
BHC realized a 1997 pretax gain on the exercise of $153,933,000. BHC
and Viacom now share equally in UPN funding requirements and in UPN
losses.

     UPN has been organized as a partnership, and BHC's partnership
interest is accounted for under the equity method.  The carrying value
of such interest, which reflects BHC funding of $88,100,000 in 1998
and $48,185,000 in 1997, plus the additional BHC capital contributions
set forth above, and BHC's pro rata share of UPN losses in those
years, totalled $615,000 at December 31, 1998 and $1,112,000 at
December 31, 1997, and is included in Investments on the accompanying
Consolidated Balance Sheets.  UPN is still in its development and is
expected to continue to incur significant start-up losses and to
require significant funding for the next several years. Condensed
consolidated financial statements of UPN are as follows:

BALANCE SHEETS
                                             December 31,
(In thousands)                           1998           1997
---------------------------------------------------------------
Current assets                       $   92,934     $   80,017
Other assets                             27,305         29,926
---------------------------------------------------------------
                                     $  120,239     $  109,943
===============================================================
Current liabilities                  $  119,008     $  107,719
Partners' capital                         1,231          2,224
---------------------------------------------------------------
                                     $  120,239     $  109,943
===============================================================

STATEMENTS OF OPERATIONS

                                        Year ended December 31,
(In thousands)                     1998          1997          1996
---------------------------------------------------------------------
Operating revenues*            $   96,401    $   89,997    $   56,948
Operating expenses*               275,165       261,962       200,316
---------------------------------------------------------------------
   Operating loss                (178,764)     (171,965)     (143,368)
Other income (expense), net         1,571         1,768        (2,945)
---------------------------------------------------------------------
   Loss before interest on 
     BHC advances                (177,193)     (170,197)     (146,313)
Interest on BHC advances
  (eliminated in consolidation)      -             -          (14,147)
---------------------------------------------------------------------
   Net loss                    $ (177,193)   $ (170,197)   $ (160,460) 
=====================================================================
* With respect to certain of its programming, through August 31, 1997
  UPN derived no revenue and incurred no programming expense.

   The following information as it relates to UPN is provided in
accordance with SFAS 131.  See Note 10.

                                     Year ended December 31,
(In thousands)                     1998       1997       1996
----------------------------------------------------------------
Depreciation and amortization     $2,069     $1,794     $  364
Capital expenditures              $1,565     $  467     $ -

Note 3
----------------------------------------------------------------
ACCOUNTS PAYABLE AND ACCRUED EXPENSES:

     Accounts payable and accrued expenses consist of the 
following:

                                               December 31,
(In thousands)                            1998          1997
---------------------------------------------------------------
Accounts payable                       $   7,757     $   8,465
Payable for securities purchased            -              650
Accrued expenses -
  Payroll and compensation                63,011        68,611
  Deferred barter revenue                 38,824        38,721
  Other                                   20,923        15,422
---------------------------------------------------------------
                                       $ 130,515     $ 131,869
===============================================================

Note 4
----------------------------------------------------------------
SHAREHOLDERS' INVESTMENT:

     Each share of $1.00 prior preferred stock is redeemable by Chris-
Craft at $25.00. Each share of $1.40 convertible preferred stock is
redeemable by Chris-Craft at $40.00 and is convertible into common
stock as set forth below. Chris-Craft has authorized 10,000,000 shares
of preferred stock, $1.00 par value, that may be issued without
further shareholder approval, in one or more series, the terms and
provisions of which shall be set by the Board of Directors.

     Each share of Class B common stock entitles the holder to ten
votes (common stock entitles the holder to one vote per share), is
convertible at all times into common stock on a share-for-share basis,
is not transferable except to specified persons ("Permitted
Transferees") and, in general, carries the same per share dividend and
liquidation rights as a share of common stock, except that the Board
of Directors may in its discretion declare greater cash dividends per
share on the common stock than on the Class B common stock.  No
additional Class B shares may be issued without further shareholder
approval, except upon the conversion of $1.40 convertible preferred
shares by holders of record on November 10, 1986 (the record date for
the initial distribution of Class B common stock) or Permitted
Transferees, or in payment of stock dividends or stock splits on
outstanding shares of Class B common stock.

     So long as any Class B common stock is outstanding, each share of
$1.40 convertible preferred stock will entitle the holder on November
10, 1986, or Permitted Transferees, to convert such share of $1.40
convertible preferred stock into 11.28894 shares of common stock and
22.57786 shares of Class B common stock, and to 237.3 votes (11.62760,
23.25520 and 243.6, respectively, as adjusted for the 1999 stock
dividend described below). The foregoing special conversion and voting
rights will be available to holders of $1.40 convertible preferred
stock transferred after November 10, 1986 only under the same
circumstances as those in which the Class B common stock is
transferable. Each share of $1.40 convertible preferred stock
transferred after November 10, 1986 entitles its holder (other than a
Permitted Transferee) to convert such share into 33.86680 shares of
common stock and 33.9 votes (34.88280 and 34.9, respectively, as
adjusted for the 1999 stock dividend described below).

     Chris-Craft, from time to time, has purchased shares of its
capital stock, including 1998 purchases of 395,400 shares of common
stock. At December 31, 1998, 832,102 shares of common stock and 12,899
shares of $1.00 prior preferred stock remained authorized for
purchase.

     As of December 31, 1998, shares of Chris-Craft's authorized but
unissued common stock were reserved for issuance as follows:

                                                      Shares
----------------------------------------------------------------
Conversion of Class B common stock                    8,127,937
Conversion of $1.40 convertible preferred stock*      7,990,363
Stock options (including options outstanding      
  for 1,214,431 shares)**                             2,853,324
----------------------------------------------------------------
                                                     18,971,624
================================================================
  * Including Class B common shares.
 ** Options for 1,516,800 shares were granted subsequent to 
    December 31, 1998.

     On January 26, 1999, the Board of Directors declared a 3% common
stock dividend, payable in April 1999, which will increase by 3%
Chris-Craft's common and Class B common shares outstanding and will
also increase by 3% the number of common shares issuable upon
conversion of Chris-Craft's $1.40 convertible preferred stock and upon
exercise of stock options.  Applicable conversion rates and exercise
prices will be adjusted as noted above.

Note 5
----------------------------------------------------------------
CAPITAL TRANSACTIONS OF SUBSIDIARIES:

     BHC had outstanding, at December 31, 1998, 4,511,605 shares of
Class A common stock and 18,000,000 shares of Class B common stock. 
Chris-Craft owns all outstanding Class B common shares, which
represented 79.96% of BHC's then outstanding equity and 97.6% of BHC's
voting power.  From January 1990, when BHC became a public company and
was 60% owned by Chris-Craft, through December 31, 1998, BHC purchased
6,895,590 shares of its Class A common stock, including 226,503 from
UTV in 1998, at an aggregate cost of $516,503,000.  BHC treasury stock
expenditures totalled $46,305,000 in 1998, $95,408,000 in 1997 and
$62,639,000 in 1996.  At December 31, 1998, 185,497 Class A common
shares remained authorized for purchase.

     UTV has also acquired its own shares, expending $7,010,000 in
1998, $2,755,000 in 1997 and $32,810,000 in 1996, and received
proceeds of $3,579,000 in 1998, $3,939,000 in 1997 and $4,008,000 in
1996 from the exercise of stock options.  BHC's ownership in UTV has
accordingly increased to 58.5% at December 31, 1998 from 57.3% at
December 31, 1995.

     Such transactions, together with BHC special dividends of $1.00
per share in 1998 and 1997, and UTV dividends of $.50 per share in
1998, 1997 and 1996, are reflected in the accompanying Consolidated
Statements of Cash Flows and Consolidated Statements of Shareholders'
Investment under the caption Capital transactions of subsidiaries, net
of intercompany eliminations and minority interests.

Note 6
----------------------------------------------------------------
STOCK OPTIONS:

     Under the 1994 Management Incentive Plan, options (including
Incentive Stock Options) to purchase shares of common stock may be
granted from time to time to employees of Chris-Craft and its
subsidiaries, at prices not less than the fair market value at date of
grant. Options are exercisable in cumulative annual installments of 33
1/3% commencing one year from date of grant and expire over a  period
determined by the Plan Committee, which may not exceed ten years from
date of grant. Options currently outstanding expire either five or ten
years from date of grant. The Plan replaced a similar plan which was
terminated with respect to the grant of additional options when the
1994 Plan became effective.

     The Plan permits the Plan Committee to award stock appreciation
rights to holders of options granted under the Plan.  Such rights
entitle the holders, in lieu of exercising their options, to receive
payment from Chris-Craft in cash, stock or a combination thereof,
equal to the greater of the appreciation in market value or book value
of the shares covered by exercisable options. No stock appreciation
rights have been awarded under the Plan.

     Transactions under the two plans during the three years ended
December 31, 1998 were as follows:

(In thousands of
dollars except per     Shares under   Weighted Average 
share data)               Option       Exercise Price     Total
----------------------------------------------------------------
Outstanding,     
  December 31, 1995       1,656,514         $31.71       $52,528
Increase to reflect
  3% stock dividend          48,248           -             -
Exercised                   (57,243)        $30.22        (1,730)
Cancelled                    (3,182)        $32.87          (105)
----------------------------------------------------------------
Outstanding,     
  December 31, 1996       1,644,337         $30.83        50,693
Increase to reflect
  3% stock dividend          47,694           -             -
Exercised                  (639,900)        $27.06       (17,317)
Cancelled                    (1,620)        $33.95           (55)
----------------------------------------------------------------
Outstanding,
  December 31, 1997       1,050,511         $31.72        33,321
Increase to reflect
  3% stock dividend          30,333           -             -
Granted                     122,500         $51.31         6,285
Exercised                  (174,571)        $31.21        (5,449)
----------------------------------------------------------------
Outstanding,     
  December 31, 1998       1,028,773         $33.20       $34,157
================================================================

     Of the 1,028,773 shares under option under the above Plan at
December 31, 1998, 906,273 are currently exercisable at $30.54 to
$34.08 per share and expire from December 13, 1999 through April 27,
2004. The remaining 122,500 at $51.31 (of which none are currently
exercisable) expire on June 14, 2003. At December 31, 1998, options
for 1,526,290 shares were available for grant under this Plan.

     Chris-Craft received 7,396 common shares in 1998, 74,867 common
shares in 1997 and 18,039 common shares in 1996 as partial payment of
exercised options.

     Under the 1994 Director Stock Option Plan, a fixed number of
immediately exercisable options to purchase shares of common stock are
granted annually to each nonemployee director of Chris-Craft, at
prices equal to fair market value at date of grant. The 1994 Director
Stock Option Plan replaced a similar plan which has been terminated
with respect to the grant of additional options. Transactions under
the two plans during the three years ended December 31, 1998, were as
follows:





(In thousands of
dollars except per     Shares under   Weighted Average 
share data)               Option       Exercise Price     Total
----------------------------------------------------------------
Outstanding,     
  December 31, 1995         114,515         $31.12        $3,563
Increase to reflect
  3% stock dividend           3,419           -             -
Granted                      42,432         $43.00         1,825
Exercised                   (14,736)        $26.02          (384)
----------------------------------------------------------------
Outstanding,     
  December 31, 1996         145,630         $34.36         5,004
Increase to reflect
  3% stock dividend           4,358           -             -
Granted                      43,704         $42.88         1,873
Exercised                   (34,092)        $29.10          (992)
----------------------------------------------------------------
Outstanding,
  December 31, 1997         159,600         $36.87         5,885
Increase to reflect
   3% stock dividend          4,597           -             -
Granted                      45,008         $56.50         2,542
Exercised                   (23,547)        $31.46          (741)
----------------------------------------------------------------
Outstanding,
  December 31, 1998         185,658         $41.40        $7,686
================================================================

     Of the 185,658 shares under option under the 1994 Director Stock
Option Plan at December 31, 1998, 140,650 are currently exercisable at
$30.54 to $41.63 per share and expire from April 27, 1999 through May
5, 2002. The remaining 45,008 are currently exercisable at $56.50 per
share and expire on May 2, 2003. At December 31, 1998, options for
112,603 shares were available for grant under this Plan.

     UTV also maintains stock option plans, and has chosen, like
Chris-Craft, to continue to account for stock-based compensation using
the intrinsic value method.  If Chris-Craft and UTV had elected to
recognize compensation expense based upon the fair value at the grant
date for awards under their plans using the methodology prescribed by
SFAS 123, Chris-Craft net income and earnings per share would have
been reduced to the pro forma amounts as follows:

(In thousands except per              Year ended December 31,
share amounts)                    1998        1997        1996
----------------------------------------------------------------
Net income: 
  As reported                    $29,470     $93,501     $   812
  Pro forma                      $28,431     $92,855     $   239
Earnings (loss) per share:
  Basic -
    As reported                  $   .87     $  2.78     $   .01
    Pro forma                    $   .84     $  2.77     $  (.01)
  Diluted -
    As reported                  $   .69     $  2.20     $   .01
    Pro forma                    $   .67     $  2.18     $  (.01)
================================================================

     These pro forma amounts may not be representative of the pro
forma effect on net income in future years, since the estimated fair
value of stock options is amortized over the vesting period, pro forma
compensation expense related to grants made prior to 1995 is not
considered and additional options may be granted in future years.

     The weighted average fair values of Chris-Craft options granted
during 1998, 1997 and 1996 were $12.24,  $13.16 and  $13.97 per share,
respectively, at dates of grant.  The fair values of options were
estimated using the Black-Scholes option pricing model with the
following weighted average assumptions for the years ended December
31, 1998, 1997 and 1996, respectively: dividend yields of zero for all
periods; expected volatility of 15.6%, 16.3% and  20.1%, risk free
interest rates of 5.4%, 6.4% and 6.3%; and expected option life of 3.9
years for 1998 and five years for 1997 and 1996.

Note 7
----------------------------------------------------------------
RETIREMENT PLANS:

     Chris-Craft and UTV maintain noncontributory defined benefit
pension plans covering substantially all their employees. Benefits
accrue annually based on compensation paid to participants each year.
The funding policy is to contribute annually to the plans amounts
sufficient to fund current service costs and to amortize any unfunded
accrued liability over periods not to exceed 30 years.

     The estimated funded status of the Chris-Craft and UTV plans,
including amounts accrued in the nonqualified plans, was as follows:

                                                 December 31, 
(In thousands)                                  1998      1997
----------------------------------------------------------------
Change in benefit obligation:
Benefit obligation at beginning of year       $ 49,681  $ 44,338
  Service cost                                   4,187     3,837
  Interest cost                                  3,574     3,122
  Actuarial loss/(gain)                          2,156      (859)
  Amendments                                       471      - 
  Benefits paid                                   (888)     (757)
----------------------------------------------------------------
Benefit obligation at end of year               59,181    49,681
----------------------------------------------------------------
Change in plan assets:
Fair value of plan assets at beginning of year  32,633    29,143
  Actual return on plan assets                   3,649     2,833
  Employer contributions                         1,825     1,414
  Benefits paid                                   (888)     (757)
----------------------------------------------------------------
Fair value of plan assets at end of year        37,219    32,633
----------------------------------------------------------------
Plan assets less than projected 
  benefit obligation                           (21,962)  (17,048)
Unrecognized initial net asset                     (84)     (134)
Unrecognized prior service cost                    746       323
Unrecognized net actuarial gain                 (1,313)   (2,363)
----------------------------------------------------------------
Pension liability                             $(22,613) $(19,222)
================================================================

     Pension expense, including amounts accrued in Chris-craft and UTV
nonqualified plans for retirement benefits in excess of statutory
limitations, was as follows:

                                     Year ended December 31,
(In thousands)                    1998        1997        1996
----------------------------------------------------------------
Service cost                    $ 4,187     $ 3,837     $ 3,596
Interest cost                     3,574       3,122       2,775
Expected return on plan assets   (2,533)     (2,264)     (1,913)
Amortization:
  Initial unrecognized net asset    (50)        (50)        (50)
  Prior service cost                 47          12          36
  Actuarial loss/(gain)              (9)         22          20
----------------------------------------------------------------
Net periodic pension cost       $ 5,216     $ 4,679     $ 4,464
================================================================

     Assumptions used in accounting for pension plans for each year
are as follows:

                                     1998      1997      1996
----------------------------------------------------------------
Discount rate at end of year         6.75%     7.25%     7.25%
Rate of increase in future 
  compensation levels                4.00%     4.50%     4.50%
Expected long-term rate of
  return on assets                   7.75%     7.75%     7.75%

     The accumulated benefit obligation, projected benefit obligation
and fair value of plan assets for the above plans that had an
accumulated benefit obligation in excess of the fair value of plan
assets were $27,464,000, $35,883,000, and $14,973,000, respectively,
at December 31, 1998, and $21,709,000, $29,493,000, and $11,847,000,
respectively, at December 31, 1997.

     Chris-Craft and certain of its subsidiaries maintain other
retirement plans, primarily stock purchase and profit sharing plans. 
The aggregate costs of such plans, including related amounts accrued
in the nonqualified plans referred to above, were $8,931,000 in 1998,
$16,936,000 in 1997 and $5,677,000 in 1996.

Note 8
----------------------------------------------------------------
INCOME TAXES:

     Income taxes are provided in the accompanying Consolidated
Statements of Income as follows:

                                   Year ended December 31, 
(In thousands)                  1998        1997        1996
---------------------------------------------------------------
Current:
    Federal                   $24,300     $63,000     $22,400
    State                       8,500      18,600       5,800
---------------------------------------------------------------
                               32,800      81,600      28,200
---------------------------------------------------------------
Deferred:
    Federal                      (800)     17,900      (8,900)
    State                         500         100         200
---------------------------------------------------------------
                                 (300)     18,000      (8,700)
---------------------------------------------------------------
                              $32,500     $99,600     $19,500
===============================================================

     Differences between income taxes at the federal statutory income
tax rate and total income taxes provided are as follows:

                                       Year ended December 31, 
(In thousands)                         1998     1997      1996
----------------------------------------------------------------
Taxes at federal statutory rate      $30,244   $84,904   $13,592
State income taxes, net                5,850    12,155     3,933
Amortization of intangible assets      3,250     3,127     3,151
Dividend from BHC                      1,260     1,260      -
Dividend exclusion                      (347)     (735)     (768)
Realization of tax benefit            (8,500)     -         -
Other                                    743    (1,111)     (408)
----------------------------------------------------------------
                                     $32,500   $99,600   $19,500
================================================================

     Deferred tax assets and deferred tax liabilities reflect the tax
effect of the following differences between financial statement
carrying amounts and tax bases of assets and liabilities:

                                                 December 31, 
(In thousands)                                   1998     1997
----------------------------------------------------------------
Accrued liabilities not deductible until paid  $32,816  $30,781
Film contract rights                             8,325    6,193
Tax credit and loss carryforwards                9,314    8,291
Other                                              168      279
----------------------------------------------------------------
                                                50,623   45,544
Valuation allowance                             (8,973)  (8,981)
----------------------------------------------------------------
    Deferred tax assets, net                    41,650   36,563
----------------------------------------------------------------
Investments                                    (14,179) (12,975)
Other intangibles                               (1,589)    (573)
Property and equipment                          (2,422)  (2,711)
SFAS 115 adjustment                            (12,019)  (4,951)
----------------------------------------------------------------
    Deferred tax liabilities                   (30,209) (21,210)
----------------------------------------------------------------
      Net deferred tax assets                  $11,441  $15,353
================================================================

     The valuation allowance reflects the uncertainty with respect to
the realization of future tax benefits relating to certain tax
carryforwards and future dispositions of certain investments having
tax bases greater than related financial statement carrying amounts.

     At December 31, 1998, net operating loss carryforwards of
approximately $20,000,000 are available for tax purposes and expire in
various years through 2018.

     Tax benefits of $1,189,000, $3,612,000 and $270,000 arising from
the exercise of employee stock options were credited to capital
surplus in 1998, 1997 and 1996, respectively.

Note 9
----------------------------------------------------------------
COMMITMENTS AND CONTINGENCIES:

     In 1997, UTV signed a definitive agreement to purchase the assets
of UHF television station WRBW in Orlando, Florida, for $60,000,000
and possible future consideration. The acquisition is subject to
Federal Communications Commission approval and other conditions in the
agreement.

     The aggregate amount payable by Chris-Craft's television stations
under contracts for programming not currently available for
telecasting and, accordingly, not included in film contracts payable
and the related contract rights in the accompanying Consolidated
Balance Sheets totalled $337,800,000 at December 31, 1998 (including
$91,200,000 applicable to UTV).

     BHC expects to make significant expenditures developing UPN.  See
Note 2.

     Montrose Chemical Corporation of California, whose stock is 50%
owned by Chris-Craft and 50% by a subsidiary of Zeneca Inc.,
discontinued its manufacturing operations in 1983 and has since been
defending claims for costs and damages relating to environmental
matters.  Chris-Craft is a defendant in one of these actions.  After
insurance reimbursements totalling $3,611,000 in 1998, $558,000 in
1997 and $327,000 in 1996, Montrose-related net expenses of $1,279,000
in 1998, $3,383,000 in 1997 and $1,666,000 in 1996 are included in the
accompanying Consolidated Statements of Income under the caption
Interest and other income, net.

     Montrose is one of numerous defendants in a suit relating to
alleged environmental impairment at the Stringfellow Hazardous Waste
Disposal Site in California, brought in 1983 by the Federal Government
and the State of California, which claim Montrose generated
approximately 19% of the waste placed at the site.  In 1990, the U.S.
Environmental Protection Agency issued a Record of Decision for the
site, which selected some of the interim remedial measures preferred
by the EPA and the State, the present value of which was estimated by
them to be $169 million, although the estimate is subject to potential
variations of up to 50%.  A ruling issued in 1995 allocated at least
65% of the liability (under the Comprehensive Environmental Response,
Compensation and Liability Act of 1980, as amended ["CERCLA"]) at the
site to the State of California and approximately 25% of the liability
to the generator defendants (including Montrose).  A separate ruling
under California law allocated 100% of the liability to the State. 
The State's appeal of the allocation rulings is pending.  In December
1998, the State and the defendants, including Montrose, preliminarily
agreed to a structure that, if certain conditions are satisfied, would
resolve the Stringfellow suit.  Chris-Craft is not a defendant.

     In May 1998, a group of approximately 750 current or former
residents of the vicinity of the Stringfellow Site filed suit against
Montrose, Chris-Craft and approximately 160 other defendants alleging
personal injury and property damage from exposure to the site.  The
defendants have moved to dismiss the complaint as to the adult
plaintiffs on statute of limitations grounds.  A similar action filed
in 1984 by approximately 3,000 plaintiffs was resolved by means of a
settlement to which Montrose, but not Chris-Craft, contributed
monetarily. 

     In June 1990, the Federal Government and the State of California
commenced an action against Montrose, Chris-Craft, and other
defendants, alleging that Montrose and others released hazardous
substances into Los Angeles Harbor and adjacent waters, and seeking to
recover damages resulting from alleged injury to natural resources. 
In 1997, the Federal and State Governments stated they estimate the
alleged damages at approximately $482 million. The action also seeks
recovery for costs related to alleged hazardous substance
contamination of the Montrose plant site in Torrance, California.

     Chris-Craft intends vigorously to defend itself in this action. 
Chris-Craft contends that it is not liable and that it neither owned
nor operated the facilities involved, nor did it arrange for the
disposal of hazardous substances.  Chris-Craft and its predecessors
were shareholders of Montrose and provided certain management services
to Montrose, as it conducted its operations.  Based on the available
information, the status of the proceeding, and the applicable legal
and accounting standards, Chris-Craft, in reliance among other things
on the advice of counsel, believes that it should have no liability
(under CERCLA or otherwise) for the operations of Montrose and does
not presently consider liability to be "probable."  Accordingly, under
Statement of Financial Accounting Standards No. 5, "Accounting for
Contingencies," no amount has been reserved for this action in Chris-
Craft's financial statements.

     In September 1994, the EPA designated Chris-Craft as a
"potentially responsible party" under CERCLA (a "PRP") in connection
with the Diamond Alkali Superfund Site on the Passaic River in Newark,
New Jersey.  The EPA alleges that hazardous substances were released
into the river from a facility operated by a Chris-Craft predecessor
company.  The facility was located near the Diamond Alkali property,
but not on the river front, and was sold by Chris-Craft in 1972. 
Chris-craft disputes that it is a responsible party.  The former owner
of the Diamond Alkali property is currently performing a study
estimated to cost approximately $10 million to determine the extent of
contamination in the area and to evaluate possible corrective actions. 
The Diamond Alkali Superfund Site matter does not involve Montrose,
and based on the review to date by Chris-Craft and its counsel, they
believe Chris-craft has been erroneously identified as a PRP at the
site; Chris-craft is unable to determine at this stage if it could
have any liability at the site.

     If a court ultimately rejected Chris-Craft's defenses in one or
more of the foregoing matters, under CERCLA Chris-Craft could be held
jointly and severally liable, without regard to fault, for response
costs and natural resource damages.  A party's ultimate liability at a
site generally depends on its involvement at the site, the nature and
extent of contamination, the remedy selected, the role of other
parties in creating the alleged contamination and the availability of
contribution from those parties, as well as any insurance or
indemnification agreements which may apply.  In most cases, both the
resolution of the complex issues involved and any necessary
remediation expenditures occur over a number of years.  Future legal
and technical developments in each of the foregoing matters will be
periodically reviewed to determine if an accrual of reserves for
possible liability would be appropriate.

    Chris-Craft is a party to various other pending legal proceedings
arising in the ordinary course of business.  In the opinion of
management, after taking into account the opinion of counsel with
respect thereto, the ultimate resolution of these other matters will
not have a material effect on Chris-Craft's consolidated financial
position or results of operations.

Note 10
----------------------------------------------------------------
INDUSTRY SEGMENT INFORMATION:

     In 1998, Chris-Craft adopted SFAS 131, "Disclosures about
Segments of an Enterprise and Related Information."  This table
presents Chris-Craft's two reportable segments, the Television
Division and the Industrial Division.  UPN, which is accounted for on
the equity method, is also considered a reportable segment under SFAS
131.  However, all required segment information is included in Note 2. 
The accounting policies of the segments are the same as those
described in the "Summary of Significant Accounting Policies."  See
Note 1.


<TABLE>
<CAPTION>
                                    Deprec-                                    Deferred
                                    iation                                     Tax
                          Operating and      Capital                Investment Assets
(In thousands  Operating  Income    Amort-   Expend-  Segment       in         (Liabil-
of dollars)    Revenues   (Loss)    ization  itures   Assets        UPN        ities)
---------------------------------------------------------------------------------------
<S>            <C>        <C>       <C>      <C>      <C>           <C>        <C>
Year Ended 
December 31, 
  1998
Television 
  Division     $445,850   $109,299  $21,278  $11,347  $2,199,687(b)  $  615    $(8,305)
Industrial 
  Division       21,243      3,642      424    1,119       8,738         -         234
Reconciling
  items (a)        -       (18,271)     386       67      36,998         -      19,512

---------------------------------------------------------------------------------------
               $467,093   $ 94,670  $22,088  $12,533  $2,245,423     $  615    $11,441
=======================================================================================
Year Ended 
December 31, 
  1997
Television
  Division     $443,499   $113,908  $19,187  $ 7,040  $2,177,679(b)  $1,112    $(4,330)
Industrial
  Division       21,147      2,889      359      747       9,174       -           377
Reconciling
  items (a)        -       (21,272)      22        1      39,576       -        19,306
---------------------------------------------------------------------------------------
               $464,646   $ 95,525  $19,568  $ 7,788  $2,226,429     $1,112    $15,353
=======================================================================================
Year Ended
December 31, 
  1996
Television
  Division     $446,292   $115,718  $19,451  $10,144  $2,106,234(b)   $1,394   $20,220
Industrial
  Division       19,403      2,058      305      534       9,269        -          176
Reconciling
 items (a)         -       (14,508)      31      105      21,756        -       15,117
---------------------------------------------------------------------------------------
               $465,695   $103,268  $19,787  $10,783  $2,137,259      $1,394   $35,513
=======================================================================================

(a)  Consists of Corporate Office and subsidiaries not included in Television Division or
Industrial Division.  Related operating loss consists solely of general and administrative
expenses and, accordingly, excludes nonoperating income.  Related assets consist primarily of
cash and marketable securities.

(b)  Includes marketable securities having an aggregate carrying value of $1,202,070 at December
31, 1998, $1,204,776 at December 31, 1997 and $1,245,241 at December 31, 1996.

</TABLE>

QUARTERLY FINANCIAL INFORMATION (UNAUDITED)       

(In thousands of
dollars except       First     Second    Third     Fourth
per share data)      Quarter   Quarter   Quarter   Quarter     Year
--------------------------------------------------------------------
Year Ended 
 December 31, 1998
Operating revenues  $104,974  $125,685  $107,352  $129,082  $467,093
Operating income       9,340    34,488    24,639    26,203    94,670
Interest and other
  income, net         19,711    20,013    19,983    20,630    80,337
Equity in United
 Paramount
 Network loss        (19,910)  (22,471)  (10,438)  (35,778)  (88,597)
Income before income
 taxes and minority
 interest              9,141    32,030    34,184    11,055    86,410
Net income             1,770    12,122    14,505     1,073    29,470
Earnings per share -
     Basic               .05       .36       .43       .03       .87
     Diluted        $    .04  $    .28  $    .34  $    .02  $    .69
Year Ended
 December 31, 1997
Operating revenues  $106,472  $123,959  $110,907  $123,308  $464,646
Operating income      17,525    29,746    18,809    29,445    95,525
Interest and other
 income, net          19,285    20,374    20,558    20,339    80,556
Equity in United
 Paramount
 Network loss        (17,898)  (16,404)  (19,579)  (33,549)  (87,430)
Gain on change of
 ownership in United
 Paramount Network   152,224      -         -        1,709   153,933
Income before income
 taxes and minority
 interest            171,136    33,716    19,788    17,944   242,584
Net income            75,159    10,031     4,524     3,787    93,501
Earnings per share -
     Basic              2.25       .30       .13       .11      2.78
     Diluted        $   1.77  $    .24  $    .11  $    .09  $   2.20

--------------------------------------------------------------------

SELECTED FINANCIAL DATA

                             As of and for the year ended December 31,
(In thousands of 
dollars except per
share data)            1998        1997        1996        1995        1994
-----------------------------------------------------------------------------
Operating revenues $  467,093  $  464,646  $  465,695  $  472,081  $  481,364
=============================================================================
Operating income   $   94,670  $   95,525  $  103,268  $  110,633  $  107,832
Interest and other
 income, net           80,337      80,556      81,879      83,949      59,928
Equity in United
 Paramount Network
 loss                 (88,597)    (87,430)   (146,313)   (129,303)     (3,977)
Gain on change
 of ownership in
 United Paramount
 Network                 -        153,933        -           -           -
Income taxes          (32,500)    (99,600)    (19,500)    (17,600)    (57,300)
Minority interest     (24,440)    (49,483)    (18,522)    (25,714)    (41,742)
-----------------------------------------------------------------------------
    Net income     $   29,470  $   93,501  $      812  $   21,965  $   64,741
=============================================================================
Earnings per share- 
     Basic         $      .87  $     2.78  $      .01  $      .66  $     1.94
     Diluted              .69        2.20         .01         .51        1.49
Cash and marketable
 securities         1,415,543   1,501,929   1,395,179   1,523,438   1,520,461
Working capital     1,387,978   1,486,556   1,418,085   1,531,416   1,532,579
Film contract
 rights               123,502     121,977     144,034     145,902     148,473
Investments            69,881      50,130      48,194      10,065       2,838
Total assets        2,245,423   2,226,429   2,137,259   2,203,853   2,232,217
Long-term debt           -           -           -           -           -
Minority interest     479,820     484,268     506,260     560,326     584,202
Shareholders'
 investment        $1,408,469  $1,383,180  $1,288,918  $1,319,020  $1,306,218


MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
RESULTS OF OPERATIONS       

LIQUIDITY AND CAPITAL RESOURCES

     Chris-Craft's financial position continues to be strong and
highly liquid. Consolidated cash and marketable securities totalled
$1.42 billion at December 31, 1998, and Chris-Craft has no debt
outstanding. Chris-Craft's 79.96% owned television broadcasting
subsidiary, BHC Communications, Inc., has expended significant funds
developing United Paramount Network since UPN's inception in 1994, but
cash flow provided from BHC's operating activities has exceeded such
BHC funding of UPN. 

     Chris-Craft's operating cash flow is generated primarily by its
Television Division's core television station group.  Broadcast cash
flow reflects station operating income plus depreciation and film
contract amortization less film contract payments.  The relationship
between film contract payments and related amortization may vary
greatly between periods (payments exceeded amortization by $12.3
million in 1998 and by $4.3 million in 1997), and is dependent upon
the mix of programs aired and payment terms of the stations'
contracts.  Reflecting such amounts, broadcast cash flow in 1998
declined 8%, while station earnings declined only 2%, as explained
below.  Although broadcast cash flow is often used in the broadcast
television industry as an ancillary measure, it is not synonymous with
operating cash flow computed in accordance with generally accepted
accounting principles, and should not be considered alone or as a
substitute for measures of performance computed in accordance with
generally accepted accounting principles.

     Chris-Craft's operating cash flow additionally reflects earnings
associated with its cash and marketable securities, most of which are
held by BHC. Consolidated cash and marketable securities declined to
$1.42 billion at December 31, 1998, from $1.50 billion at December 31,
1997.  Such decline occurred despite an increase in operating cash
flow, primarily due to the $80.2 million television station
acquisition, described below, UPN funding and treasury stock purchases
by Chris-Craft and BHC.  Operating cash flow in 1998 rose to $167.9
million from $147.4 million in 1997, despite the decline in broadcast
cash flow, primarily because the 1997 amount includes income tax
payments related to the UPN distribution described below (the
distribution is reported as a cash flow from investing activities).

     BHC generates most of Chris-Craft's consolidated cash flow.
Parent company obligations consist solely of corporate office
expenditures, current and accrued. Most parent company cash flow in
recent years has been provided from the receipt by Chris-Craft of its
share of special dividends paid by BHC.  Special $1.00 per share cash
dividends were paid by BHC in February 1999, aggregating $22.5
million, in February 1998, aggregating $22.7 million, and in February
1997, aggregating $23.6 million, with Chris-Craft receiving $18
million of each such amount.  BHC plans to consider annually the
payment of a special dividend.

     Since April 1990, BHC's Board of Directors has authorized the
purchase of up to 7,081,087 Class A common shares.  Through December
31, 1998, 6,895,590 shares were purchased, including 226,503 shares in
1998 from United Television, Inc., BHC's 58.5% owned subsidiary, for a
total cost of $516.5 million, including $63.0 million in 1998.  From
January 1, 1996 through December 31, 1998, UTV purchased 462,600 of
its common shares at an aggregate cost of $42.6 million, of which $7.0
million was expended in 1998, and, at December 31, 1998, 729,649 UTV
shares remained authorized for purchase.

     In January 1998, UTV purchased the assets of UHF television
station WHSW, Channel 24, in Baltimore, Maryland for $80.2 million in
cash.  The station's call letters were changed to WUTB and the station
became a UPN affiliate.  In 1997, UTV signed a definitive agreement to
purchase the assets of WRBW in Orlando, Florida, for approximately $60
million and possible future consideration.  UTV expects to use a
portion of available cash and marketable securities balances to
complete this transaction, which is subject to Federal Communications
Commission approval, as well as satisfaction of certain conditions.

     Chris-Craft intends to further expand its operations in the
media, entertainment and communications industries and to explore
business opportunities in other industries.  Chris-Craft believes it
is capable of raising significant additional capital to augment its
already substantial financial resources, if desired, to fund such
additional expansion.

     In July 1994, BHC, along with Viacom Inc.'s Paramount Television
Group, formed UPN, a broadcast television network which premiered in
January 1995.  BHC owned 100% of UPN from its inception through
January 15, 1997, when Viacom completed the exercise of its option to
acquire a 50% interest in UPN.  The option price included $155 million
in cash (an amount equal to one-half of BHC's aggregate cash
contributions to UPN through the exercise date, plus interest),
additional cash available for ongoing UPN expenditures, as well as a
non-cash contribution of UPN development costs previously incurred by
Viacom.  UPN distributed $116.3 million to BHC following the closing
and BHC recorded a 1997 pretax gain of $153.9 million on the
transaction.  BHC and Viacom now share equally in UPN losses and
funding requirements. UPN, still in its development, incurred start-up
losses of $177.2 million in 1998, $170.2 million in 1997, $146.3
million in 1996 and $129.3 million in 1995, and is expected for the
next several years to continue to incur substantial start-up losses
and to require significant funding.  BHC funding of UPN totalled $88.1
million in 1998.

     Chris-Craft's television stations make commitments for
programming that will not be available for telecasting until future
dates.  At December 31, 1998, commitments for such programming
totalled approximately $337.8 million, including $91.2 million
applicable to UTV. BHC also has a remaining commitment to invest over
time up to $24.6 million, of which $14.8  million is to be invested in
management buyout limited partnerships, including $11.0 million
applicable to UTV.  Chris-Craft capital expenditures generally have
not been material in relation to its financial position, and the
related capital expenditure commitments at December 31, 1998
(including any related to UPN) were not material. During 1998, Chris-
Craft stations began converting to digital television (DTV).  The
conversion will require the purchase of digital transmitting equipment
to telecast over newly assigned frequencies.  This conversion is
expected to take a number of years and will be subject to competitive
market conditions. Chris-Craft expects that its expenditures for UPN,
future film contract commitments and capital requirements for its
present business, including the cost to convert to DTV, will be
satisfied primarily from operations, marketable securities or cash
balances.

     As set forth in Note 9, Chris-Craft has been named as a defendant
(or a "potentially responsible party") in certain actions seeking
recovery for environmental damage allegedly related to (i) the
activities (discontinued since 1983) of 50% owned Montrose Chemical
Corporation of California ("Montrose California") and (ii) the
activities of Montrose Chemical Co., a predecessor company to Chris-
Craft.  As further set forth in Note 9, Chris-Craft does not presently
consider liability to be "probable" in any of the Montrose California
related matters and believes it has been erroneously identified as a
potentially responsible party and is unable to determine at this stage
if it could have any liability regarding Montrose Chemical Co. 
Accordingly, no amount has been reserved in Chris-Craft's financial
statements relating to these matters.

     Chris-Craft has assessed year 2000 issues and believes that such
issues will not have a material effect on its business, results of
operations, or financial condition and that the estimated compliance
cost is immaterial.

     Chris-Craft is subject to certain market risk relating to its
marketable securities holdings, which are all held for other than
trading purposes.  The table below provides information as of December
31, 1998 about the U.S. Government securities which are subject to
interest rate sensitivity and the equity securities which are subject
to equity market sensitivity.


(In thousands)                            Cost        Fair Value
-------------------------------------------------------------------
U.S. Government securities          $1,093,744        $1,095,373
Equity securities                   $   83,881        $  115,873

     All of Chris-Craft's marketable securities have been categorized
as available for sale and are comprised substantially of U.S.
Government securities, 98% of which mature in one year all within 15
months.  See Note 1(B).

RESULTS OF OPERATIONS - 1998 VERSUS 1997

     Chris-Craft net income in 1998 declined to $29,470,000, or $.87
per share ($.69 per share diluted), from net income in 1997 of
$93,501,000, or $2.78 per share ($2.20 per share diluted).  The
decline in net income primarily reflects BHC's pretax gain of
$153,933,000 recorded on the transaction described above through which
BHC reduced its UPN ownership interest to its current 50% from 100%.

     Consolidated operating income declined just slightly, to
$94,670,000 from $95,525,000, as a decline in Television Division
operating income was nearly offset by a reduction in Chris-Craft
corporate office expense and an increase in Industrial Division
operating income.

     Television station earnings, after a small loss at recently
acquired station WUTB, were $123,123,000, down 2% from 1997 earnings
of $125,966,000.  Station group earnings in 1998 reflect increased
current year and retroactive revenue resulting from a new long-term
affiliation agreement at our NBC affiliate.  In addition, 1998 station
earnings reflect a reduction of approximately $3,300,000 in expense
associated with stock price based retirement plans.  Total station
operating revenues rose slightly, to $436,664,000 from $434,729,000,
while same station revenues, reflecting disappointing ratings in
several key markets, declined less than 2%, after adjusting for the
prior years' network affiliation fees.  The decline in station
earnings was fully offset by an increase, to $10,202,000 from
$7,098,000, in earnings at BHC's television production subsidiaries. 
However, after WUTB goodwill amortization and a non-recurring
severance expense, Television Division operating income in 1998
declined 4%, to $109,299,000 from $113,908,000 in 1997.

     Industrial Division operating income rose 26%, to $3,642,000 from
$2,889,000 in 1997.  The earnings growth is primarily attributable to
significant improvements in profit margins, as operating revenues rose
just very slightly, to $21,243,000 from $21,147,000 in 1997.  Margins
were positively impacted by improvements in manufacturing
efficiencies, product quality and mix, and offshore sourcing.

     Chris-Craft corporate office expense declined to $18,271,000 from
$21,272,000 in 1997, primarily reflecting a reduction of approximately
$4,400,000 in corporate office stock price based retirement plan
expense.

     UPN incurred a loss of $177,193,000 in 1998, compared to a loss
of $170,197,000 in 1997.  The network's cost structure increased due
to the expansion of its prime time schedule to five nights a week from
three.  BHC's 50% share of the loss totalled $88,597,000, compared to
its 1997 share of $87,430,000.  UPN is still in its development and is
expected for the next several years to continue to record substantial
start-up losses.

     Interest and other income, which consists mostly of amounts
earned on Chris-Craft's consolidated cash and marketable securities
holdings, totalled $80,337,000 in 1998, about the same as the
$80,556,000 recorded in 1997.  The impact of lower interest rates was
offset by an increase of approximately $4,200,000 in gains on
dispositions of marketable securities, and a decline, to $1,279,000
from $3,383,000 in expense associated with Montrose matters.

     Chris-Craft's effective income tax rate declined to 37.6% in 1998
from 41.1% in 1997, primarily reflecting the realization in 1998 of
certain income tax benefits.

     Minority interest reflects the interest of shareholders other
than Chris-Craft in the net income of BHC, 79.96% owned by Chris-Craft
at December 31,1998, 78.6% owned by Chris-Craft at December 31, 1997
and 75.9% owned by Chris-Craft at December 31, 1996, and the interest
of shareholders other than BHC in the net income of UTV, 58.5% owned
by BHC at December 31, 1998 and December 31, 1997 and 59.0% owned by
BHC at December 31, 1996.

RESULTS OF OPERATIONS - 1997 versus 1996

     Chris-Craft 1997 net income rose to $93,501,000, or $2.78 per
share ($2.20 per share diluted), from $812,000, or $.01 per share
($.01 per share diluted), in 1996.  The substantial increase in net
income was primarily due to the pretax gain of $153,933,000 realized
by BHC on Viacom's acquisition of its UPN interest.  In addition, the
amount of UPN start-up losses included in Chris-Craft's operating
results was reduced significantly in 1997, reflecting the reduction,
to 50% from 100%, in BHC s ownership interest in UPN.

     Varying economic and competitive factors in the markets served by
the Television Division's station group produced uneven station
results in 1997. Station operating revenues declined to $434,729,000
from $437,287,000, less than 1%.  Station programming expenses
declined slightly, but total station operating expenses rose about 1%,
due to a  $3.5 million increase in expense associated with stock price
based retirement plans.  As a result, station group operating income
declined 3% in 1997, to $125,966,000 from $130,450,000 in 1996.  That
decline was almost fully offset by the increase in earnings at the
Division's television production subsidiaries, to $7,098,000 in 1997
from $3,267,000 in 1996.  Television Division operating income
accordingly declined less than 2%, to $113,908,000 from $115,718,000.

     Industrial Division operating income increased 40%, to $2,889,000
from $2,058,000 in 1996, and the Division's operating revenues
increased 9%, to $21,147,000 from $19,403,000.  The Division's
improved results reflect strength throughout its major product lines
and higher profit margins.  Margin improvement was realized through
cost reductions, effective outsourcing and elimination of certain less
profitable products.

     Chris-Craft corporate office expense increased $6.8 million in
1997.  Such expense associated with stock price based retirement plans
rose $6.9 million, as the market price of Chris-Craft common stock
rose 27% in 1997.  Consolidated operating income accordingly declined
7%, to $95,525,000 from $103,268,000 in 1996.

     UPN's start-up loss widened in 1997, to $170,197,000 from
$146,313,000 in 1996, mainly due to expenses associated with the
expansion of UPN's schedule and with the ongoing development of the
network's programming strategy.  The UPN loss recorded in Chris-
Craft's financial statements nonetheless declined significantly, to
$87,430,000 from $146,313,000 in 1996, reflecting the 1997 reduction
in BHC's ownership interest.

     Interest and other income declined slightly to $80,556,000 from
$81,879,000 in 1996.  An increase in interest income was offset by a
decline in marketable securities gains and an increase, to $3,383,000
from $1,666,000 in expense related to Montrose matters.

     Chris-Craft's effective income tax rate declined to 41.1% in 1997
from 50.2% in 1996.  Nondeductible goodwill amortization had an
abnormal impact on Chris-Craft's effective tax rate in 1996 because of
the low level of Chris-Craft's pretax earnings.